On May 29, Dell Technologies surged 32.16% in regular trading, reaching $420.125/share with trading volume of $4.068 billion, following the release of its FY2027 Q1 earnings that massively exceeded expectations across all metrics.
Dell reported Q1 revenue of $43.8 billion, up 88% year-over-year and far surpassing the analyst consensus of $35.74 billion. Non-GAAP EPS came in at $4.86, beating the $2.94 estimate by 65%. AI server revenue reached $16.1 billion, soaring 757% year-over-year, with AI orders of $24.4 billion and a record backlog of $51.3 billion. Operating cash flow hit a record $4.1 billion.
The company sharply raised its full-year guidance, projecting revenue of $165-169 billion (up from $138-142 billion previously) and AI server revenue of approximately $60 billion, representing 144% growth. Q2 revenue guidance of $44-45 billion also far exceeded the $35.1 billion consensus. Management stated that AI demand shows no signs of slowing, with supply constraints — particularly memory — remaining the primary bottleneck.
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